Nortel is liquidating and Mike Zafirovski steps down as the CEO of the company. Nortel Networks is currently selling its assets and Ericsson has won a bid for its purchase. The Canadian government and Research in Motion strongly oppose the sale saying that Nortel is a “national treasure” which should not land in the hands of foreigners.

Mike Zafirovski was named CEO in 2005 after serving as an executive at Motorola and General Electric Co.  According to Nortel Chairman Harry Pearce, Zafirovski made progress on getting the company past its prior accounting scandals and legal issues.

"We've reached a logical departure point," Pearce said in a statement. "Mike made a commitment to see the process through the stabilization of the company, sale of its largest assets and the right plans and people to continue operating our business and serving customers. He has done so. I appreciate the commitment and passion he brought to this company since day one, including his guidance through the extremely difficult decisions we faced since filing for creditor protection."